2026年5月28日 / 美国东部时间上午10:06 / 哥伦比亚广播公司新闻
撰稿
当地时间周四，新任美联储主席凯文·沃什上任后的首份通胀报告正式发布，报告显示4月消费者物价达到近三年来的最高水平。
美国商务部周四公布的数据显示，美联储首选的通胀衡量指标——个人消费支出价格指数（PCE）上月按年率计算上涨3.8%，高于3月的3.5%和2月的2.8%，为2023年5月以来的最高值。
根据FactSet对经济学家的调查，经济学家此前预计4月PCE报告的年度通胀率将升至3.9%。
剔除波动较大的能源和食品价格的核心PCE指数4月按年率计算上涨3.3%，符合经济学家的预期。
沃什面临的首次考验
鉴于伊朗战争对能源价格造成的冲击推高了通胀，沃什接任美联储主席一职时面临着重大挑战。今年早些时候，美联储曾预测2026年将降息一次，但如今经济学家表示，由于燃料成本飙升，这一预测越来越不可能实现。
让挑战更为复杂的是，特朗普总统迫切希望美联储降低消费者和企业的借贷成本，以提振经济增长。
海军联邦信贷联盟首席经济学家希瑟·隆在社交媒体帖子中表示，尽管4月消费者价格涨幅略低于预期，“但这对普通民众来说几乎算不上安慰，他们正面临三年来最严重的通胀，工资涨幅完全被通胀抵消”。
根据商务部的数据，4月能源价格涨幅最大，但其他消费类别价格也出现上涨。数据显示，住房和公用事业、休闲服务以及餐饮服务的成本在4月均大幅上涨。
一些经济学家目前预计美联储可能在今年晚些时候加息。芝加哥商品交易所联邦观察工具的数据显示，美联储在12月会议上加息的概率目前为40%，高于6月会议时的3%，该工具的预测基于30天联邦基金期货价格。
收入增长落后于通胀
报告中的其他多项指标凸显了许多美国家庭面临的财务困境，这也有助于解释为何消费者信心已跌至历史最低点。
例如，报告显示年度个人收入增速放缓至2.5%，低于通胀增速。这意味着美国家庭的购买力正在下降，因为他们的收入无法跟上物价上涨的步伐。
隆在一封电子邮件中表示：“通胀处于三年来的高位，个人储蓄率已跌至过去20年来的最低水平之一。许多美国人的支出超过了他们的收入，这是不可持续的，尤其是对低收入和中等收入家庭而言。”
4月消费者支出较3月增长0.5%，但其中大部分涨幅反映了价格上涨。经通胀调整后，4月支出仅增长0.1%，低于上月的0.3%。
经济学家表示，个人储蓄率从3月的3.6%降至上月的2.6%，这表明一些家庭正在动用储蓄来应对更高的生活成本。
摩根士丹利财富管理首席经济策略家艾伦·曾特纳在一封电子邮件中表示：“不断上涨的价格正在严重侵蚀消费，储蓄率下降表明消费者正在动用储蓄来维持生计。”
编辑：阿兰·谢特
美联社为本报告撰稿。
The first inflation report under new Fed chief Kevin Warsh shows prices at highest in nearly 3 years
May 28, 2026 / 10:06 AM EDT / CBS News
By
The first inflation report under new Federal Reserve chief Kevin Warsh was released on Thursday, and it shows consumer prices in April were at their highest level in almost three years.
The personal consumption expenditures price index — the Fed’s preferred inflation measure — rose last month at an annual rate of 3.8%, the Commerce Department reported on Thursday. That’s up from 3.5% in March and 2.8% from February, and the highest since May 2023.
Economists had expected April’s PCE report to show annual inflation rising to 3.9%, according to economists polled by FactSet.
So-called core PCE, which excludes volatile energy and food prices, rose 3.3% in April on an annual basis, in line with economists’ forecasts.
Warsh’s first test
Warsh is stepping in as Fed chief with a major challenge on his hands, given that inflation is flaring due to the impact of the Iran war on energy prices. Earlier this year, the central bank had forecast one interest rate cut in 2026, a prediction that economists now say is growing less likely given the jump in fuel costs.
Complicating his challenge is President Trump’s eagerness for the central bank to lower borrowing costs for consumers and businesses, which would boost economic growth.
While the rise in consumer prices in April was slightly cooler than expected, “that’s little comfort on Main Street, where people are facing the highest inflation in 3 years and having their wage gains wiped out by inflation,” said Heather Long, the chief economist at the Navy Federal Credit Union, in a social media post.
Energy costs saw the biggest increase in April, but prices also rose in other spending categories, according to the Commerce Department figures. The costs of housing and utilities, recreation services and food services also saw large jumps in April, the data shows.
Some economists are now penciling in a possible rate hike later this year. There’s now a 40% probability that the Federal Reserve will hike rates at its December meeting, up from 3% at its June meeting, according to CME FedWatch, which bases its predictions on 30-Day Fed funds futures prices.
Income growth lags inflation
Several other measures in the report highlight the financial struggles facing many U.S. households, helping explain why consumer confidence has plunged to an all-time low.
For instance, the report shows that annual personal income growth slowed to 2.5%, falling below the pace of inflation. That means households are losing purchasing power because their incomes aren’t keeping up with rising prices.
“Inflation is at a three-year high, and personal savings have cratered to one of the lowest levels in the past 20 years,” Long said in an email. “Many Americans are spending more than the income they have coming in. This is not sustainable, especially for lower-income and middle-class households.”
Consumer spending rose 0.5% in April from March, though most of that reflected price increases. Adjusted for inflation, spending rose just 0.1% in April, down from 0.3% the previous month.
The personal savings rate fell to 2.6% last month from 3.6% in March, suggesting that some households are tapping their savings to cope with higher costs, economists said.
“Rising prices are really taking a bite out of consumption, and the decline in the savings rate shows consumers are dipping into savings to make ends meet,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, in an email.
Edited by Alain Sherter
The Associated Press contributed to this report.
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